CEO Appearance
نویسندگان
چکیده
Using an objective measure of executive facial attractiveness we find that shareholders value beauty. Specifically, more attractive executives are associated with a higher abnormal return around the announcement of their appointment as CEO. These results are strongest for insider appointments and relatedly, more attractive facial features increase the likelihood of an executive winning a tournament and being selected as CEO. We also find that facial beauty is more important when there is a larger pool of qualified candidates with similar tangible skills and it is less important in firms where unique or technical skills are more valuable. Lastly, we discover some evidence that females are held to a higher standard of beauty than males. These results indicate that beauty is an important executive trait that has significant labor market implications. JEL classification: G30, G32, G34, G35
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